Should I go to university? The pros and cons of getting a degree

Is it worth going to university? Almost 317,000 of those who have just said goodbye to their school days certainly think so.
A few thousand more teenage candidates hope to start a degree this year than in 2023 — the second highest number on record.
While this accounts for 41.3 per cent of 18-year-olds, it is a slightly smaller proportion of their peer group than last year. Campus life certainly isn’t for everyone and it does not always appeal straight from school.
School leavers are under a lot of pressure to know what they want to do in life and how their degree and chosen university will lead to that. The days of dawdling through a course chosen on a whim, and without both eyes turned to future employment, are long gone for most.
The previous government’s rhetoric about Mickey Mouse degrees and free speech on campus has probably not helped to sell the higher education experience.
• Best universities in the UK: Sunday Times league table
First, the biggest perceived downside of higher education: it costs. Even if repayments are years away, even if experts say that the student loan system is more of a tax than a debt, it can still feel like an overwhelming financial millstone. This year’s cohort is the second to experience a new student loan scheme involving a freezing of the salary threshold at which repayments start, while the repayment period is extended from 30 to 40 years. Interest is applied from when the loan is taken out.
Living costs can seem even more of an immediate financial burden, mainly because the maintenance loan in many cases does not cover the cost of living. More than half of students now work alongside their studies, just to cover rent and essentials — if they can find somewhere to live, that is.
Despite the cost, the uncertainty and the potential alternatives, the popularity of university persists. That so many do take degrees makes it more difficult not to follow suit, unless you have a good alternative, such as a degree apprenticeship, corporate training scheme or promising job offer in your chosen field.
The main appeal is that it still pays to go, by a long shot.
Figures published in June by the government show that 87.7 per cent of working-age graduates were employed in 2023, compared with 69.7 per cent of non-graduates, while 67 per cent of working-age graduates were in high-skilled employment compared with 23.7 per cent of those who did not go to university.
The average salary was £40,000 for graduates, compared with £29,500 for non-graduates, and this gap has remained at about £10,000 since 2007. However, the gap for young graduates — those aged 21 to 30 — has shrunk proportionally from 35 per cent in 2007, when they earned £23,000 compared with a £17,000 salary for non-graduates, to 21 per cent last year, when young graduates’ average earnings were £31,500, compared with £26,000 for non-graduates.
Before filling out the Ucas form or making the final commitment to a degree, it’s worth bearing in mind that the subject and institution make a massive difference, along with the degree classification achieved and the choice of profession.
The most lucrative destinations for young graduates are construction, banking and finance. The lowest remunerated work is in hotels and restaurants.
While not the most positive reason, university is worth going to for many because a degree has become an entry requirement for most professions — whether or not this is actually justified or necessary.
Analysis published by the government just before the pandemic found that the proportion of vacancies requiring a degree varied from 57 per cent in business services to 94 per cent in the public sector.
The same report shows that 40 per cent of new graduates’ jobs required a specific degree, which was particularly the case for health professionals and those working in science, research, engineering and technology, and teaching.
• Best universities in the UK: Sunday Times league table
Nick Hillman, the director of the Higher Education Policy Institute, says: “It is still very much worth going to university. You earn more and you pretty much have insurance against unemployment when there’s a recession or downturn.
“Also, it’s very difficult to enter most professions nowadays if you don’t have a degree. That is just the labour market considerations.
“Then, a lot of 18-year-olds simply don’t know yet what they want to do for the rest of their working lives. If you choose an apprenticeship, you don’t know if that’s the field you want to stay in, and there are very few degree apprenticeships for 18-year-olds. They’re incredibly selective and more dominated by the middle-classes than elite universities.”
Nowadays there is overwhelming emphasis on career progression rather than three years of study because of the sheer love of a subject. Few would argue that universities should focus only on employability, although it is harder to find people to make an overt defence of studying solely for the passion of learning.
Ten years ago the president of Universities UK (UUK), which represents vice-chancellors, defended the idea of education for its own sake and criticised those trying to promote higher education for placing too much emphasis on vocational skills to make money.
Sir Christopher Snowden, who was also vice-chancellor of Surrey University, said at the time: “I got a degree in electronic engineering — I don’t do very much of that in my present team. One of my finance team has a degree in classics.”
Today UUK is very keen to emphasise the skills relevant to employability that degrees bring and — unlike a decade earlier — universities are scrutinised by the Office for Students to see if they have met thresholds for getting their leavers into graduate employment.
There has never been more data to peruse, and while this can seem overwhelming for families, schools and colleges should be able to give guidance.
For the first time this year, Ucas shows the actual entry grades achieved by previous students before they started university degree courses, rather than just grades institutions request. This gives some idea of how flexible they are likely to be if the candidate misses a grade or two.
The Longitudinal Education Outcomes data, which shows earnings of graduates by course and institution, is also a good source of information.
Families may want to question institutions about teaching hours, and how many of these are in person. Online lectures may be preferred by some students but it raises questions about value for money if they are not supplemented with more in-person seminars or tutorials.
Ultimately, university remains, as it was for previous generations, a chance to develop and grow, find new friendships, live away from home, explore ideas and shake off childhood.
This year’s school leavers are in a good position — they come after the lockdown years and ahead of a baby boom working through secondary school that is likely to create much more competition for university places by the end of the decade. Those going into it with their eyes open are likely to be glad they went.
Which is the best university in the UK? See the definitive university rankings, get expert advice on your application and more in The Sunday Times Good University Guide